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Global Debt

Fund Focus: The Strategy typically invests in a strategic mix of global fixed income sectors to seek high income and diversification.
SUMMARY
DETAILED
Cumulative Total Returns

as of 1/31/16

Since Inception 10/16/89
497%
Performance & Distributions
×

Global Debt

Gross Expense Ratio:
      1.04%
    Net Expense Ratio:   1.01%

    The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price, reinvested distributions and a 4.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.

    Cumulative Returns
    • A

    Compare to Indices

    Global Strategic Income Fund
    VALUE of $10,000.00

    Income Dividend History
    • B

    No income dividends were paid during this time.
    Calendar Year Returns % (w/o sales charge)
    Data as of 2/9/16
      1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD
    • C
    Global Strategic Income Fund 7.78 20.25 7.74 19.51 -4.45 15.38 12.59 8.36 1.67 4.04 2.21 3.52 6.85 19.60 9.62 4.16 7.68 9.22 -16.50 22.09 15.96 0.89 13.49 -0.36 2.64 -2.35 -2.20
    40% Citi non US WGBI/30% JPM Domestic HY/30% Bar Agg 7.46 -3.55 19.00 8.50 6.63 6.38 -0.04 1.36 -3.46 -3.46
    Capital Gains Distributions ($ per share)
    Data as of 2/9/16
      2011 2012 2013 2014 2015
    Short Term
    Long Term
    Total Amount of Distribution
    Record Date
    Ex Div Date
    Pay Date

    There is no guarantee of the payment of any dividend or other distributions at any level.

    The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price, reinvested distributions and a 4.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.

    Average Annual Total Returns
    • A

    as of 1/29/16

    as of 12/31/15

    • A
    YTD (as of 2/9/16)
    • C
    -2.20%
    1 Year -4.34%
    3 Year -0.52%
    5 Year 2.47%
    10 Year 4.53%
    Since Inception 7.03%
    YTD (as of 2/9/16)
    • C
    -2.20%
    1 Year -8.89%
    3 Year -2.12%
    5 Year 1.47%
    10 Year 4.02%
    Since Inception 6.84%
    YTD (as of 2/9/16)
    • C
    -2.20%
    1 Year -2.35%
    3 Year -0.05%
    5 Year 2.72%
    10 Year 4.75%
    Since Inception 7.09%
    YTD (as of 2/9/16)
    • C
    -2.20%
    1 Year -6.99%
    3 Year -1.65%
    5 Year 1.72%
    10 Year 4.24%
    Since Inception 6.89%
    Gross Expense Ratio
    1.04%
    Net Expense Ratio
    1.01%

    Share Price
    • D
    as of 2/9/16
    $3.69

    Yields

    monthly as of 1/31/16

    Dividend Yield
    with sales charge
    4.12%
    Dividend Yield
    w/o sales charge
    4.33%
    Standardized YLD 4.44%

    The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price, reinvested distributions and a 4.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.

    "Year to Date" returns are cumulative, not annualized, and do not reflect sales charges.  These returns would be lower if sales charges were taken into consideration.  Short-term returns may not be indicative of longer-term performance, which should also be considered when making investment decisions.

    Top Asset Allocations

    as of 12/31/15

    High Yield Corporates
    37.2%
    MBS/ABS/CMBS
    20.1%
    Investment Grade Corporates
    19.3%
    Emerging Markets Government
    9.3%
    Senior Loans
    5.9%
    Cat Bond
    2.5%
    U.S. Government
    2.2%
    Apollo Credit Strategies
    1.5%
    Equity/Other
    0.2%
    Net Cash, Equivalents, and Sh...
    1.7%
    ×
    • 37.2 %

      High Yield Corporates

    COUNTRY United States
    CREDIT RATING ALLOCATION BB
    ×
    • 20.1 %

      MBS/ABS/CMBS

    COUNTRY United States
    CREDIT RATING ALLOCATION Agency
    ×
    • 19.3 %

      Investment Grade Corporates

    COUNTRY United States
    CREDIT RATING ALLOCATION BBB
    ×
    • 9.3 %

      Emerging Markets Government

    COUNTRY Mexico
    CREDIT RATING ALLOCATION BBB
    ×
    • 5.9 %

      Senior Loans

    COUNTRY United States
    CREDIT RATING ALLOCATION B
    ×
    • 2.5 %

      Cat Bond

    COUNTRY United States
    CREDIT RATING ALLOCATION Unrated
    ×
    • 2.2 %

      U.S. Government

    COUNTRY United States
    CREDIT RATING ALLOCATION Treasury
    ×
    • 1.5 %

      Apollo Credit Strategies

    COUNTRY United States
    CREDIT RATING ALLOCATION Unrated
    ×
    • 0.2 %

      Equity/Other

    COUNTRY United States
    CREDIT RATING ALLOCATION Other
    ×
    • 1.7 %

      Net Cash, Equivalents, and Short Term Funds

    Holdings Breakdown

    as of 12/31/15

    61.9%

    United States

    4.4%

    United Kingdom

    2.8%

    India

    2.6%

    Mexico

    2.3%

    France

    1.9%

    Netherlands

    1.5%

    Supranational (non-iso)

    1.3%

    Ireland

    1.3%

    Canada

    1.3%

    Italy

    1.2%

    Spain

    1.1%

    Brazil

    1.0%

    Germany

    0.9%

    Luxembourg

    0.8%

    Peru

    0.8%

    Romania

    0.7%

    South Africa

    0.7%

    Eurozone

    0.7%

    Hungary

    0.6%

    Switzerland

    Developed Markets 8
    Emerging Markets 8
    63.7%

    Americas

    No Top Asset Allocations
    in
    Americas
    16.9%

    Europe

    No Top Asset Allocations
    in
    Europe
    1.5%

    Supranational

    No Top Asset Allocations
    in
    Supranational
    0.8%

    Asia Pacific

    No Top Asset Allocations
    in
    Asia Pacific
    0.6%

    Middle East

    No Top Asset Allocations
    in
    Middle East
    6.7%

    Americas

    No Top Asset Allocations
    in
    Americas
    4.4%

    Asia Pacific

    No Top Asset Allocations
    in
    Asia Pacific
    2.4%

    Europe

    No Top Asset Allocations
    in
    Europe
    1.2%

    Africa

    No Top Asset Allocations
    in
    Africa
    0.3%

    Middle East

    No Top Asset Allocations
    in
    Middle East
    1.9%

    5.4%

    1.5%

    2.7%

    8.1%

    23.6%

    23.9%

    19.1%

    3.1%

    0.0%

    0.9%

    7.2%

    1.1%

    0.6%

    Japanese Yen

    No Top Asset Allocations
    in
    Japanese Yen
    0.5%

    Russian Ruble

    No Top Asset Allocations
    in
    Russian Ruble
    0.2%

    Indian Rupee

    No Top Asset Allocations
    in
    Indian Rupee
    0.1%

    Colombian Peso

    No Top Asset Allocations
    in
    Colombian Peso
    -0.1%

    Mexican Peso

    No Top Asset Allocations
    in
    Mexican Peso
    -0.2%

    Australian Dollar

    No Top Asset Allocations
    in
    Australian Dollar
    -0.2%

    Brazilian Real

    No Top Asset Allocations
    in
    Brazilian Real
    -0.3%

    Turkish New Lira

    No Top Asset Allocations
    in
    Turkish New Lira
    -0.5%

    Canadian Dollar

    No Top Asset Allocations
    in
    Canadian Dollar
    -0.5%

    Taiwanese Dollar

    No Top Asset Allocations
    in
    Taiwanese Dollar
    -0.5%

    Singapore Dollar

    No Top Asset Allocations
    in
    Singapore Dollar

    Morningstar
    • E

    as of 1/31/16

    (based on risk adjusted performance)

    Overall Rating
    Number of Funds 228
    Category Multisector Bond

    Risk Measurements

    as of 1/31/16

    Alpha -0.07%
    Beta 0.84
    R-Squared
    57.22
    Sharpe Ratio
    -0.11
    Standard Deviation
    4.2%

    Equity Style

    Total Assets (all classes)
    as of 1/31/16
    $5.2 BN

    Portfolio Statistics

    as of 1/31/16

    Turnover Ratio
    79.0%
    Duration (yrs)
    4.17

    Investment Minimums

    Initial
    $1,000

    Dividends ($ per share)
    • B

    Est Frequency Monthly
    Last Pay Date 1/25/16
    Per Share ($) 0.0108
    12-Month Distribution ($) 0.1693

    Distribution Sources

    Net Income 100.00%
    Net Profit from Sale 0.00%
    Other Capital Sources 0.00%

    Top Asset Allocations

    as of 12/31/15

    High Yield Corp...
    37.2%
    MBS/ABS/CMBS
    20.1%
    Investment Grad...
    19.3%
    Emerging Market...
    9.3%
    Senior Loans
    5.9%
    Cat Bond
    2.5%
    U.S. Government...
    2.2%
    Apollo Credit S...
    1.5%
    Equity/Other
    0.2%
    Net Cash, Equiv...
    1.7%

    Holdings Breakdown

    as of 12/31/15

    Reset
    61.9%

    United States

    4.4%

    United Kingdom

    2.8%

    India

    2.6%

    Mexico

    2.3%

    France

    1.9%

    Netherlands

    1.5%

    Supranational (non-iso)

    1.3%

    Ireland

    1.3%

    Canada

    1.3%

    Italy

    1.2%

    Spain

    1.1%

    Brazil

    1.0%

    Germany

    0.9%

    Luxembourg

    0.8%

    Peru

    0.8%

    Romania

    0.7%

    South Africa

    0.7%

    Eurozone

    0.7%

    Hungary

    0.6%

    Switzerland

    63.7%

    Americas

    No Top Asset Allocations
    in
    Americas
    16.9%

    Europe

    No Top Asset Allocations
    in
    Europe
    1.5%

    Supranational

    No Top Asset Allocations
    in
    Supranational
    0.8%

    Asia Pacific

    No Top Asset Allocations
    in
    Asia Pacific
    0.6%

    Middle East

    No Top Asset Allocations
    in
    Middle East
    6.7%

    Americas

    No Top Asset Allocations
    in
    Americas
    4.4%

    Asia Pacific

    No Top Asset Allocations
    in
    Asia Pacific
    2.4%

    Europe

    No Top Asset Allocations
    in
    Europe
    1.2%

    Africa

    No Top Asset Allocations
    in
    Africa
    0.3%

    Middle East

    No Top Asset Allocations
    in
    Middle East
    1.9%

    5.4%

    1.5%

    2.7%

    8.1%

    23.6%

    23.9%

    19.1%

    3.1%

    0.0%

    0.9%

    7.2%

    1.1%

    0.6%

    Japanese Yen

    No Top Asset Allocations
    in
    Japanese Yen
    0.5%

    Russian Ruble

    No Top Asset Allocations
    in
    Russian Ruble
    0.2%

    Indian Rupee

    No Top Asset Allocations
    in
    Indian Rupee
    0.1%

    Colombian Peso

    No Top Asset Allocations
    in
    Colombian Peso
    -0.1%

    Mexican Peso

    No Top Asset Allocations
    in
    Mexican Peso
    -0.2%

    Australian Dollar

    No Top Asset Allocations
    in
    Australian Dollar
    -0.2%

    Brazilian Real

    No Top Asset Allocations
    in
    Brazilian Real
    -0.3%

    Turkish New Lira

    No Top Asset Allocations
    in
    Turkish New Lira
    -0.5%

    Canadian Dollar

    No Top Asset Allocations
    in
    Canadian Dollar
    -0.5%

    Taiwanese Dollar

    No Top Asset Allocations
    in
    Taiwanese Dollar
    -0.5%

    Singapore Dollar

    No Top Asset Allocations
    in
    Singapore Dollar
    ×
    • 37.2 %

      High Yield Corporates

    COUNTRY United States
    CREDIT RATING ALLOCATION BB
    ×
    • 20.1 %

      MBS/ABS/CMBS

    COUNTRY United States
    CREDIT RATING ALLOCATION Agency
    ×
    • 19.3 %

      Investment Grade Corporates

    COUNTRY United States
    CREDIT RATING ALLOCATION BBB
    ×
    • 9.3 %

      Emerging Markets Government

    COUNTRY Mexico
    CREDIT RATING ALLOCATION BBB
    ×
    • 5.9 %

      Senior Loans

    COUNTRY United States
    CREDIT RATING ALLOCATION B
    ×
    • 2.5 %

      Cat Bond

    COUNTRY United States
    CREDIT RATING ALLOCATION Unrated
    ×
    • 2.2 %

      U.S. Government

    COUNTRY United States
    CREDIT RATING ALLOCATION Treasury
    ×
    • 1.5 %

      Apollo Credit Strategies

    COUNTRY United States
    CREDIT RATING ALLOCATION Unrated
    ×
    • 0.2 %

      Equity/Other

    COUNTRY United States
    CREDIT RATING ALLOCATION Other
    ×
    • 1.7 %

      Net Cash, Equivalents, and Short Term Funds

    Management

    Michael A. Mata

    Managed Fund since 7/14

    Krishna Memani

    Managed Fund since 4/09

    Hemant Baijal

    Managed Fund since 3/15

    Investment Approach

    The portfolio managers strategically invest and dynamically manage a mix of high grade, high yield and international fixed income sectors. The managers employ an investment process that combines top-down macro analysis to shape the overall posture of the strategy while empowering individual "sleeve" managers to select securities.

    Risk Management

    Our team limits exposure to individual companies, industries and sectors, seeking to limit volatility through company quality and diversification. Risk Management Overview

    We conduct rigorous fundamental research to identify individual companies with asymmetrical risk/return opportunities. Risk Management Overview

    At the portfolio level, our experienced investment personnel closely monitor the strategy's positioning, and the active risk resulting from our security selection process and sector allocations. We evaluate factor and style exposure, as well as the ownership and liquidity profile of each security in the portfolio. Risk Management Overview

    Our team proactively manages risk by constructing diversified portfolios across sectors, industry groups and securities. We manage, monitor and limit sector weights relative to specified benchmarks and security position sizes within each portfolio. Risk Management Overview

    Our team closely monitors position size and sector weights; we have limits on active security weights against the benchmark for each strategy we manage. Risk Management Overview

    Risk is managed at the portfolio, strategy and security levels to identify diversified sources of alpha. We mainly focus on currency, interest rates and credit. Positions are sized and monitored according to established limits. Risk Management Overview

    We focus primarily on senior loans in an effort to maintain product integrity and limit duration risk. Risk Management Overview

    The team manages risk at both a strategy and individual security level to help ensure that, when combined, they act as the ballast in an investor’s overall portfolio. Risk Management Overview

    Risk is managed at the portfolio, strategy and security levels to identify diversified sources of alpha. We seek to identify primary and secondary risks of each investment. Diversification of sectors can potentially reduce volatility. Risk Management Overview

    The team manages risk by administering duration limits, limiting portfolio weighted average maturity and conducting thorough credit analysis on individual securities. Risk Management Overview

    The Rochester team has created diverse portfolios designed to mitigate the types of risks that municipal bond investors may encounter. Risk Management Overview

    The Commodity team monitors and manages risk at the commodity, sector and strategy levels. Risk Management Overview

    The Real Estate team monitors and manages risk at the security, sector and strategy levels. Risk Management Overview

    The Global Multi-Asset Group monitors and manages risk on an ongoing basis, both at the asset class and portfolio levels. Risk Management Overview

    We emphasize capital preservation by avoiding companies that may cut distributions. We seek to build diversified portfolios comprised of energy and energy related companies with attractive risk-adjusted total return potential. Risk Management Overview

    ×
    1. 1. Special Risks: Fixed income investing entails credit and interest rate risks. Interest rate risk is the risk that rising interest rates or an expectation of rising interest rates in the near future, will cause the values of the Fund's investments to decline. Risks associated with rising interest rates are heightened given that rates in the U.S. are at or near historic lows. When interest rates rise, bond prices generally fall, and the Fund’s share prices can fall. The Fund may invest in senior floating rate loans that may be collateralized or uncollateralized. Senior loans are subject to credit, interest rate, prepayment and liquidity risk. Below-investment-grade (“high yield” or “junk”) bonds are more at risk of default and are subject to liquidity risk. Mortgage-related securities are subject to default risk, prepayment risk, interest rate risk, and credit risk, and may be more volatile and less liquid than other types of securities. Sovereign debt instruments are subject to the risk that a government entity may be unable to pay interest or repay principal on its debt. Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes, regulatory and geopolitical risks. Emerging and developing market investments may be especially volatile. Eurozone investments may be subject to volatility and liquidity issues. Commodity-linked investments are speculative and have substantial risks, including the loss of principal. Derivative instruments entail higher volatility and risk of loss compared to traditional stock or bond investments. Gold ETFs involve additional fees and risks. The Fund may also invest through a wholly-owned Cayman Islands subsidiary, which involves the risk that changes to the laws of the Cayman Islands could negatively affect the Fund. The Fund may have multiple sub-sub-advisers and each may make investment decisions which may conflict with each other, or with the sub-adviser, and as a result, the Fund’s performance could be adversely affected. Diversification does not guarantee profit or protect against loss.
    2. 2. The Fund's investment objective changed from "seeks high current income to "seeks total return" on 6/4/12.
    3. 3. The Manager has contractually agreed to waive expenses in an amount equal to the management fee it receives from its Subsidiary for so long as the Fund invests in the Subsidiary. This waiver may not be terminated without the prior approval of the Fund's Board of Trustees.
    4. 4. The net expense ratio (where applicable) also takes into account contractual fee waivers and/or expense reimbursements without which performance would have been less. These undertakings may not be amended or withdrawn for one year from the date of the current prospectus, unless approved by the Board.
    5. 5. Access index definitions.
    6. 6. The dividend (or distribution) yield is based on the pay date immediately preceding the nearest month-end or quarter-end. The dividend yield for each share class is calculated by annualizing the dividend distributed by the class on that date and dividing that figure by the class's net asset value on that date. For the Class A dividend yield with sales charge, the annualized Class A dividend distribution is divided by the Class A maximum offering price on that date. Each result is compounded semiannually and annualized. Falling share prices artificially increase yields.
    7. 7. Standardized yield for each share class is based on the Fund's net investment income for the 30-day period ending and including the most recent month-end or quarter-end and either that date's maximum offering price (Class A shares) or net asset value (for other share classes). The month-end figure is typically calculated on the fifth business day of the next month. The result is compounded semiannually and annualized. Falling share prices artificially increase yields.
    8. 8. Holdings are subject to change, and are dollar weighted based on total net assets. Negative weightings may result from the use of leverage. Leverage involves the use of various financial instruments or borrowed capital in an attempt to increase investment return. Leverage risks include potential for higher volatility, greater decline of the fund's net asset value and fluctuations of dividends and distributions paid by the fund.
    9. 9. Apollo Credit Strategies portfolio positioning reflects the percentage of the Fund’s holdings managed by Apollo Credit Management, LLC, the Fund’s sub-sub-adviser and those holdings will not be reflected in the other portfolio positioning categories.
    10. 10. If included in the credit rating breakdown table above, all securities except for those labeled "Treasury", "Agency"and "Unrated", and except for certain securities issued or guaranteed by a foreign sovereign, have been rated by at least one Nationally Recognized Statistical Rating Organization ("NRSRO"), such as Standard & Poor's ("S&P"). The credit rating table values may not total 100% due to rounding. For securities rated only by an NRSRO other than S&P, OppenheimerFunds, Inc. converts that rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest S&P equivalent rating is used. Unrated securities issued or guaranteed by a foreign sovereign are assigned a credit rating equal to the highest NRSRO rating assigned to that foreign sovereign. Fund assets invested in Oppenheimer Institutional Money Market Fund are assigned the Fund's S&P rating, which is currently AAA. Unrated securities do not necessarily indicate low credit quality. "Investment-grade" securities are securities rated within the NRSROs four highest rating categories (AAA, AA, A and BBB.) Securities not rated by an NRSRO may or may not be equivalent of investment grade. Please consult the Fund's Prospectus for further information. Additional information can be found in the Fund's Statement of Additional Information.
    11. 11. The table for the top currency positioning is based on the net foreign exchange exposure of each currency after converting all currencies to a common currency, in this case the U.S. dollar.
    12. A. The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Current performance and expense ratios may be lower or higher than the data quoted. Fund returns include changes in share price, reinvested distributions and a 4.75% maximum sales charge where indicated. Returns do not consider capital gains or income taxes on an individual's investment.
    13. B. There is no guarantee of the payment of any dividend or other distributions at any level.
    14. C. "Year to Date" returns are cumulative, not annualized, and do not reflect sales charges.  These returns would be lower if sales charges were taken into consideration.  Short-term returns may not be indicative of longer-term performance, which should also be considered when making investment decisions.
    15. D. Daily net asset value and dollar change of the fund is as of the previous business day's closing. Fund net asset values are updated at approximately 7 p.m. ET daily.
    16. E. Class A shares rated 1 stars overall by Morningstar among  228  Multisector Bond funds for the 3-, 5-, and 10 year period ended 1/31/16 based on risk-adjusted performance.
    ×
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